| (1) | An Authority must keep proper books and records of account, subject to applicable law, for each financial year in accordance with generally accepted accounting practice, with regard to its income, expenditure and transactions during the financial year and the state of its assets and liabilities during, and as at the end of, the financial year. |
| (2) | Annually, within six months of the end of the financial year, an Authority must have the following financial statements: |
| (a) | A statement of income and expenditure; |
| (b) | a cash-flow statement; and |
prepared for that year, which must accurately reflect transactions and financial sources as well as the position and state of affairs of an Authority so as to comply with the requirements of the Companies Act, 1973 (Act No. 61 of 1973).
